THILMAVOCAT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THILMAVOCAT
Largest movements
- Receivables within one year +€100,889
up €100,889 (+14040.5%), from €719 to €101,608
of which Other amounts receivable: +€54,795
- Tangible fixed assets +€61,792
up €61,792 (+203.7%), from €30,329 to €92,121
of which Assets under construction and advance payments: +€70,064
- Cash -€15,644
down €15,644 (-21.2%), from €73,965 to €58,321
mainly Receivables within one year (-€100,889) and Investment in fixed assets (net) (-€71,796)
- Debts after one year +€45,138
up €45,138 (+232.9%), from €19,379 to €64,517
- Profit (loss) carried forward +€42,543
up €42,543 (+81.3%), from €52,324 to €94,867
- Trade debts +€33,939
up €33,939 (+280.6%), from €12,097 to €46,035
- Tax, wage and social debts +€12,799
up €12,799 (+82.3%), from €15,558 to €28,357
- Current portion of long-term debt +€11,922
up €11,922 (+187.1%), from €6,371 to €18,293
- Gross operating margin +€10,914
up €10,914 (+18.7%), from €58,429 to €69,343
- Taxes +€1,917
up €1,917 (+18.7%), from €10,256 to €12,173
- Other operating charges +€1,475
up €1,475 (+319.5%), from €462 to €1,937
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,729 | €252,146 | +€146,417 | +138.5% |
| Fixed assets | 21/28 | €30,739 | €92,121 | +€61,382 | +199.7% |
| Tangible fixed assets | 22/27 | €30,329 | €92,121 | +€61,792 | +203.7% |
| Furniture and vehicles | 24 | €7,601 | €3,788 | -€3,813 | -50.2% |
| Leasing and similar rights | 25 | €22,728 | €16,149 | -€6,579 | -28.9% |
| Other tangible fixed assets | 26 | - | €2,120 | +€2,120 | |
| Assets under construction and advance payments | 27 | - | €70,064 | +€70,064 | |
| Financial fixed assets | 28 | €410 | - | -€410 | |
| Current assets | 29/58 | €74,990 | €160,025 | +€85,035 | +113.4% |
| Amounts receivable within one year | 40/41 | €719 | €101,608 | +€100,889 | +14040.5% |
| Trade receivables | 40 | - | €46,094 | +€46,094 | |
| Other amounts receivable | 41 | €719 | €55,514 | +€54,795 | +7625.7% |
| Cash at bank and in hand | 54/58 | €73,965 | €58,321 | -€15,644 | -21.2% |
| Deferred charges and accrued income | 490/1 | €306 | €95 | -€210 | -68.8% |
| Total equity and liabilities | 10/49 | €105,729 | €252,146 | +€146,417 | +138.5% |
| Equity | 10/15 | €52,325 | €94,868 | +€42,543 | +81.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,324 | €94,867 | +€42,543 | +81.3% |
| Amounts payable | 17/49 | €53,404 | €157,278 | +€103,874 | +194.5% |
| Amounts payable after more than one year | 17 | €19,379 | €64,517 | +€45,138 | +232.9% |
| Financial debts | 170/4 | €19,379 | €64,517 | +€45,138 | +232.9% |
| Amounts payable within one year | 42/48 | €34,025 | €92,685 | +€58,660 | +172.4% |
| Current portion of amounts payable after more than one year | 42 | €6,371 | €18,293 | +€11,922 | +187.1% |
| Trade debts | 44 | €12,097 | €46,035 | +€33,939 | +280.6% |
| Suppliers | 440/4 | €12,097 | €46,035 | +€33,939 | +280.6% |
| Taxes, remuneration and social security | 45 | €15,558 | €28,357 | +€12,799 | +82.3% |
| Taxes | 450/3 | €15,558 | €28,357 | +€12,799 | +82.3% |
| Accrued charges and deferred income | 492/3 | - | €76 | +€76 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,391 | €10,414 | +€23 | +0.2% |
| Other operating charges | 640/8 | €462 | €1,937 | +€1,475 | +319.5% |
| Gross operating margin | 9900 | €58,429 | €69,343 | +€10,914 | +18.7% |
| Operating profit (loss) | 9901 | €47,576 | €56,993 | +€9,416 | +19.8% |
| Financial income | 75/76B | €42 | €0 | -€42 | -99.5% |
| Recurring financial income | 75 | €42 | €0 | -€42 | -99.5% |
| Financial charges | 65/66B | €1,927 | €2,277 | +€349 | +18.1% |
| Recurring financial charges | 65 | €1,927 | €2,277 | +€349 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €45,691 | €54,716 | +€9,025 | +19.8% |
| Income taxes | 67/77 | €10,256 | €12,173 | +€1,917 | +18.7% |
| Profit (loss) for the period | 9904 | €35,435 | €42,543 | +€7,108 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,435 | €42,543 | +€7,108 | +20.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.